Step 3:
In a new layer draw a circle with #5F9AC1 background color of 88 X 88px dimensions.

Step 4:
Under Layer Style(Layer > Layer Style) add an Inner Glow and Gradient Overlay blending options to your smaller circle layer as shown below.

Step 5:
Now merge both your circles together to make the button. Then under Layer Style(Layer > Layer Style) add a Drop Shadow and Inner Shadow blending options as below.

Step 6:
Create a new layer then draw a black circle of 73 X 73px dimensions in the center of the button.

Step 7:
Under Layer Style(Layer > Layer Style) add an Inner Glow and Stroke blending options to your black circle layer. Then set the layer’s blending mode to Lighten.